Are things looking brighter for home buyers in Vaughan?
Spring has sprung and with it a surge in home inventory in Vaughan. The first quarter of the year often only had a handful of properties for sale in any given neighbourhood at any one time. All of a sudden, communities like Sonoma Heights, Vellore Village and Mackenzie Glen each have in excess of 30. What does this mean to someone looking to buy a home in Vaughan?
In short…it’s good news. All of a sudden, there’s much more to choose from and those pesky multiple offers…they’re not happening as often anymore.
So what happened? As we already know, the provincial government introduced the Fair Housing Plan on Apr 20, 2017 to try and cool off the market. It’s too soon to say if its measures had any effect on the market, but it certainly played a role in the mindset of home buyers. Combine this shift in the mindset of the buyer with the increase in inventory that typically happens in the spring….and market conditions may be shifting.
It’s too soon to say if this will influence home prices but anecdotally we’re definitely seeing many homes initially listed with a low price and an offer date set up to get multiple offers, come and go with either no offers or fewer than anticipated. It should be noted that we are often seeing these homes re-listed at a higher price with no offer date, and still selling. Homes that “tick off all the checkmarks” are still selling with multiple offers but these are definitely fewer than before.
It’s impossible to predict what will happen but if you’re thinking of buying a home in Vaughan, things are about to get easier for you. As mentioned above you now have more to choose from. That alone is a godsend…everyone likes a little variety. More importantly over the past few months, only firm offers were being accepted (an offer with no conditions). Now we’re seeing offers with financing and home inspection conditions being accepted again.
Are you thinking of buying a home in Vaughan? Start your search here or call me directly at 416-893-0301